I am a great believer in Libron Lubricating Wax, my tool rests, lathe bed, various threads, bandsaw table, router table etc all have a coating of it. Stops wet wood causing rust, and keeps everything nicely mobile.
That being said, my Myford Mystro in use since 1996 which I have recently sold had the original toolrest with it, which I and presumably the previous owner had redressed from time to time with a file was still in good order with plenty of metal left.
All instructors in real time or DVD say that turning should not be a struggle with the tools but a light almost self supporting touch, so those with bad habits get yourself a well placed block of wood for knocking the shavings out of the flute, those who are wearing out cast iron by levering chisels into timber may want to relax a bit